🗞️ September's Monthly Wrap

Good morning. As we kick off October, here is your September monthly snapshot with the top 3 key stories you need to know:

• How LinkedIn and Meta are scraping your data for AI models;

• The US Fed rate cut and what that means for Australians;

• Woolies and Coles facing the ACCC for fake discounting.

Additionally, we are sharing the top headlines that have sparked the most engagement across our platform.

All the headlines and more below...

SEPTEMBER IN THREE

1. How Your Embarrassing Posts Are Powering Big Tech’s AI

Congratulations, you're likely part of Big Tech's AI training program.

Meta and LinkedIn have admitted to have quietly been scraping data from users—including public posts, photos and personal information—to train their AI models. This means that those cringey Facebook posts you did a decade ago about your life's problems are actually impacting Meta's AI models.

Data is the new gold and AI is hungry for it. Platforms like Meta and LinkedIn are in a mad dash to train their generative AI models to do all sorts of things—whether it’s to suggest better content (which we probably won’t read) or to fine-tune AI recommendations.

If you’re outside the EU, there is unlikely to be an opt-out button any time soon. Meta and LinkedIn are hoovering up data with little oversight, and without serious legal changes, most of us will continue feeding the AI machine without even realising it. So next time you post your not so subtle LinkedIn brag about your promotion, also know that your post is being utilised in more ways than one.

We’ll have to wait and see if governments finally step in, or if Big Tech just keeps scraping away without looking back.

2. Fed lowers rates as RBA stays put

The US Federal Reserve has made headlines by cutting interest rates by 0.5% this month which sparked speculation about whether the Reserve Bank of Australia would follow suit. However, like your hungover friend on a Sunday, the RBA took the do nothing option and even doubled down declaring: no immediate rate cuts are planned.

It may be time to check-in on that friend who purchased big when the rates were below 2% as mortgage holders will have to hold on a little longer. On the flip side, with the Fed's & RBA's decision, the Australian dollar pushed higher making that Bali Bintang or ridiculous Temu purchase that little bit cheaper.

Looking ahead, the RBA is expected to keep a close eye on inflation and labour market data before making any moves. But for now, the RBA's message is clear: rate cuts are not imminent and borrowers need to prepare for a longer wait.

3. Coles and Woolies Under Fire for Fake Discounts

It feels like if you are a big business it is only a matter of time before you take centre stage for some form of wrongdoing. Qantas will be happy to pass the public scrutiny baton to Coles & Woolworths who are facing legal action from the ACCC over allegedly misleading discounts on more than 500 products. The ACCC claims the supermarket giants raised prices by at least 15% for a brief period before promoting them as "discounted" under their "Prices Dropped" and "Down Down" campaigns.

This feels like common practice across the retail industry and has no doubt helped your partner justify those expensive shoes purchases due to a 50% discount tag which had been orchestrated on an artificially higher price. However at a time when cost-of-living pressures are biting hard, the ACCC believes these alleged tactics are exploiting families already stretched thin.

Coles and Woolworths could face penalties of up to $50 million per breach and may see consumers switch to the next closest supermarket..... Coles or Woolworths.

WHAT DID CORPORATE AUSTRALIA CARE ABOUT IN SEPTEMBER?

 
🇦🇺 Top Australian News

1. Australia ranks as the most "burnt out" nation in the world, with 1 in 2 people affected by burnout, and the relentless pursuit of wellness is leaving Australians feeling more stressed than ever. LINK

2. Tax system changes could better encourage women to return to work after having children than simply providing affordable childcare, as many low-income mothers face effective tax rates as high as 80%. LINK

3. Despite calls from Amazon's CEO Andy Jassy for employees to return to the office full-time, some experts argue that working from home has proven to be highly productive. LINK

4. Offices are being redesigned post-pandemic to accommodate more private rooms and structured collaboration areas, moving away from open plans, hot-desking and table tennis. LINK

5. Prime Minister Anthony Albanese has confirmed that Treasury is reviewing options to reform negative gearing and capital gains tax deductions for investors, though he emphasises that the government's main focus remains boosting housing supply. LINK
   
   

 🌏 Top Global News

1. AI chatbots have a significant cost on water. Each prompt requires energy-intensive calculations, which generate heat and demand cooling in data centres, often using water and electricity - a single 100-word email generated by AI uses around 519mL of water. LINK

2. In the UK, workers will soon gain the right to demand a 4-day workweek, working their full weekly hours in 4 days rather than 5. This shift in power will force businesses to offer flexible working arrangements unless it’s deemed “not reasonably feasible.” LINK

3. Rupert Murdoch is in a legal battle over the future of Fox News. The court case revolves around control of his media empire, with Murdoch’s eldest son, Lachlan, poised to take over. LINK

4. Heinz has launched a canned spaghetti carbonara, marketed as a quick, easy meal aimed at Generation Z. The product has sparked outrage in Italy, where the traditional pasta dish is revered - Italian chefs have compared the canned version to “cat food”. LINK

5. Bali is planning a $29 billion rail project, known as the Bali Subway, to link the airport with popular tourist destinations such as Kuta and Seminyak. Authorities aim to ease the island’s notorious traffic congestion by completing the first phase by 2027. LINK

 
💼 Top Company News

1. Westpac is being sued by its audit and risk executive, Samantha Aitken, who claims she was bullied and sidelined for raising concerns about fraud in the bank’s RAMS Home Loans subsidiary. Investigations by ASIC and APRA into the mortgage broking subsidiary are ongoing, with Westpac set to close the 33-year-old brand to new business. LINK

2. A confidential survey conducted by ASIC revealed scathing internal feedback, with staff criticising the corporate regulator’s leadership and culture. The findings come after a 20-month Senate inquiry which concluded that ASIC is a “toothless tiger”. LINK

3. PwC Australia has terminated 6 staff for serious misconduct, including data privacy breaches. The revelations come as part of the firm’s FY24 results, which reflect the ongoing fallout from a tax scandal involving misuse of confidential government documents. LINK

4. Merivale has been accused by former employees of fostering a toxic culture, including allegations of sexual exploitation and drug use in the workplace. LINK

5. Pinot & Picasso has gone into administration due to rising living costs, despite a post-pandemic boom in social painting parties. LINK
   

CHARTS OF THE MONTH

Malnutrition continues to impact children worldwide

Favourability

Top 10 Highest Ranking Workforce Markets

SEPTEMBER ODD PICKS

• Raygun ranked world number one after Paris Olympics controversy.

• An Iranian writer is sentenced to 12 years after tweeting a dot at the supreme leader.

• 'World's oldest cat' dies in UK city at the ripe old age of 152.

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